A well-known South East Clare hotel has been purchased by an Irish hotel investment company, iNua Hospitality, for €3.5 million.
The sale of the Radisson Blu Hotel and Spa, which was made on behalf of joint receivers, Kieran Wallace and Niall Macklin, highlights the appeal investors currently see in the hospitality sector.
Headed up by financier Noel Creedon, iNua Hospitality’s acquisition of the hotel is an addition to the company’s expanding portfolio of Radisson Blu Hotels, given their recent purchase of Radisson Blu Hotel and Spa in Little Island, Cork.
“We are very pleased with this second acquisition, which has significant synergies with our Little Island property. We are excited about the development potential for this asset and we look forward to working with the staff and team in Limerick,” said Noel Creedon.
iNua Hospitality CFO, John O’Brien, said, “We have now established iNua Hospitality as a key player in the industry. The purchase of both Radisson Blu Hotels in Cork and Limerick has allowed us to platform our acquisitions and brought us closer to achieving our long-term vision for the hotels, which is to secure jobs, increase visitor numbers and grow the hotels’ profitability.”
Noel Creedon added, “There are some excellent opportunities to profit on the current turnaround of the hospitality sector and the time to act is now. The acquisition of Radisson Blu Hotel and Spa in Limerick demonstrates the growing strength and economic value of the tourism sector. It also strengthens our position as a leading hotel investment vehicle.”
The four-star, 154-bedroom Radisson Blu Hotel and Spa, adjacent to the Ennis-Limerick motorway, is on 20 acres of grounds, close to the home of Munster Rugby, Thomond Park.
The hotel, which was built in 1970, was entirely refurbished in 2002.